WHAT IS THE LEGAL THEORY OF CONSIDERATION IN CONTRACTS?

Question 1. Question : Define promissory estoppel and explain how this may serve as an exception to the normal consideration requirement imposed on each of the parties. Give an example of promissory estoppel. Question 2. Question : How may mental incompetence affect whether each of the parties to a contract are bound? Question 3. Question : What is the legal theory of consideration in contracts? Is the issue of the adequacy of consideration ever an issue in contract law? Must both parties provide consideration for a contract to be formed? Question 4. Question : What is the legal notion of the disaffirmance of a contract by a minor and how does this work? Question 5. Question : If an adult chooses to contract with a minor, are there any actions that the adult can insist upon to make the contract more binding? Question 6. Question : Is a partial payment of a debt on a prior contract considered consideration? What constitutes invalid or insufficient consideration? Question 7. Question : May a minor contract with an adult? If so, what type of contract will be formed and how will it impact each of the parties? Do any exceptions exist?

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